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VAT Overview and Mushuk 6.3 Details

VAT (Value Added Tax) is a tax applied to goods and services in Bangladesh. VAT was introduced in Bangladesh in 1991 and is administered by the National Board of Revenue. The VAT Act of 2012 sets standard VAT rates of 15% for imports, 10% for domestic manufacturing, 7.5% for wholesale, and 5% for retail. VAT is calculated on the sale price of a good or service, with the seller paying the net VAT amount after accounting for any VAT already paid on purchases. Businesses in Bangladesh use the Mushuk VAT software to manage VAT processes like recording purchases and sales, issuing VAT challans, handling returns, and year-end reporting.

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319 views12 pages

VAT Overview and Mushuk 6.3 Details

VAT (Value Added Tax) is a tax applied to goods and services in Bangladesh. VAT was introduced in Bangladesh in 1991 and is administered by the National Board of Revenue. The VAT Act of 2012 sets standard VAT rates of 15% for imports, 10% for domestic manufacturing, 7.5% for wholesale, and 5% for retail. VAT is calculated on the sale price of a good or service, with the seller paying the net VAT amount after accounting for any VAT already paid on purchases. Businesses in Bangladesh use the Mushuk VAT software to manage VAT processes like recording purchases and sales, issuing VAT challans, handling returns, and year-end reporting.

Uploaded by

hamza rahman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

VAT Presentation

VAT Introduction

 VAT (Value Added Tax)


 VAT is an acronym for Value Added Tax and was introduced in the UK in 1973.
 applied to the purchase price of certain goods, services and other taxable supplies
 Also known as Goods and Services Tax (GST)
 paid the by consumer though a registered person
 VAT Act & Rules – VAT Act 2012
VAT in Bangladesh

 The Value Added Tax Act, 1991 was enacted that year and VAT started its passage from 10 July 1991
 10 July is observed as National VAT Day in Bangladesh
 The National Board of Revenue (NBR) is the apex organization administering the Value Added Tax.

VAT ACT’12
 Standard rate of VAT is 15% charged on imports stage
 10% on Domestic Manufacturing stage
 7.5% on Wholesale stage
 5% on Retail stage
VAT Calculation (Example)

Suppose a goods was purchased for Taka 1000 and it was sold at Taka 1500
and was included VAT
 Payable VAT on Taka 1500 = (1500*15/115) = 195.65
 VAT included in Taka 1000 = (1000*15/115) = 130.43
 Net payable by Seller = (195.65 - 130.43) = 65.22
 Payable Vat On Taka 1500 (Including VAT) = 1500*15/115 = 195.65
 Payable Vat On Taka 1500 (Excluding VAT) = 1500*15/100 = 225
VAT Process Brands

 CBD
 MLF
 SNC
 DAG
 SKF (Allergen & Cal x)
Vat Process

Mushok 4.3 Sales- CBD & Diagnostic Local /


Purchase- CBD & Diagnostic Import
(Input Output Co
Local / Import (Summary Sales Pharma )
efficience)

Sales/Purchase Return
Mushok 6.3
Consumption/ Issue (N/A Mushok 6.2.1 (Debit Note 6.8/ 6.7 Credit Note)
Challan
for TDCL) Purchase & Sales Book

Mushok 6.5 Integrated with Sage Accpac


Internal Branch Transfer
Not Applicable

Process Manual
Mushuk 6.3 (Vat Challan)

s
Mushuk 6.3/6.5 ( Challan Status)
Mushuk 6.3/6.5 ( VC Year End)
Mushuk 6.3/6.5 ( VC Year End)
Mushuk 6.3/6.5 ( Re Print)
Thank You

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